The agreement has been signed by President of LUKOIL Vagit Alekperov and Chairman of the Management Board of JSC NC KazMunayGaz Alik Aidarbayev at the 23rd St. Petersburg International Economic Forum.

The Heads of Agreement call for the parties to hold negotiations to obtain mineral rights on the block. At the next stage the parties will conclude a contract for hydrocarbon exploration and production and create a joint venture in charge of operations on the block.

The I-P-2 license block is located in the Kazakh Sector of the Caspian Sea with water depth within its area ranging from 300 to 400 meters. The distance to the shore is 130 kilometers. The nearest port, Aktau, is 130 kilometers from the block. A number of 2D seismic surveys covering the block area were acquired in previous years.

Source: Company Press Release